Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The stainless steel market is expected to show a wide - range oscillation pattern after the Spring Festival. The key factors affecting prices in the short - term are post - festival inventory accumulation and demand recovery rhythm. Supply contraction is obvious with a 23% month - on - month decrease in February production, which may relieve post - festival inventory pressure. The actual demand recovery of downstream manufacturing after the Lantern Festival needs to be observed. Attention should be paid to the changes in Indonesia's nickel - iron policy, downstream demand recovery, and macro - sentiment [6] 3. Summary by Directory 3.1 Futures Market - On February 12, 2026, the closing price of the stainless steel futures main contract was 13,970 yuan/ton. The trading volume was 115,890 lots, an increase of 12,040 lots compared to the previous trading day. The open interest was 100,602 lots, and the settlement price was 14,075 yuan/ton, a rise of 205 yuan/ton compared to the previous trading day [2] 3.2 Spot Market - Stainless steel main product prices remained stable. In the South China market, 304 cold - rolled coil prices were in the range of 13,800 - 13,890 yuan/ton, 430 cold - rolled coil prices were in the range of 7,250 - 7,400 yuan/ton, and 201 series prices were in the range of 7,100 - 8,100 yuan/ton. Stainless steel wire prices were mainly stable, with the 304 φ5.5 - 16 Qingshan white - line quoted at 14,600 yuan/ton in the Dainan market and 316L φ5.5 - 16 Qingshan quoted at 26,800 yuan/ton. In the stainless steel round - bar market, the Qingshan 304 round - bar was quoted at 13,900 yuan/ton and 316L round - bar at 25,100 yuan/ton in the Wenzhou market. Due to the approaching Spring Festival, market trading was light, and actual transactions were scarce [3] 3.3 Influencing Factors - In the raw material market, nickel prices showed an upward trend. On February 12, the nickel spot price index was 143,057 yuan/ton, a rise of 2,765 yuan/ton compared to the previous day. Chromium - iron prices remained stable, with the JCr99 - A Shanghai market price at 73,000 yuan/ton and the Jinzhou market price at 75,000 yuan/ton [4] - Technically, stainless steel futures prices have shown an oscillating trend recently. After hitting a low on February 2, the main contract rebounded but remained at a relatively low level. Trading volume gradually shrank before the festival, and changes in open interest indicated a decrease in market participation [5] 3.4 Market Outlook - After the Spring Festival, the stainless steel market is expected to be in a wide - range oscillation pattern. In the short - term, post - festival inventory accumulation and demand recovery rhythm are key price - influencing factors. Supply contraction is significant, with a 23% month - on - month decrease in February production, which may relieve post - festival inventory pressure. Downstream manufacturing is expected to gradually resume work after the Lantern Festival, and the actual demand recovery needs to be observed. Attention should be paid to changes in Indonesia's nickel - iron policy, downstream demand recovery, and macro - sentiment [6]
不锈钢期货日报-20260213
Guo Jin Qi Huo·2026-02-13 08:59